NASDAQ: HBIO Q2'20 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO August 5, 2020 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements This information in this presentation or in oral statements of the management of the Company may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of such words as "will ...

Harvard Bioscience, Inc. (NASDAQ:HBIO) Q2 2020 Earnings Conference Call August 5, 2020 8:00 AM ET Company Participants David Sirois – Director of Corporate Accounting and SEC Reporting Jim Green – Chairman of the Board, President and Chief Executive Officer Mike Rossi – Chief Financial Officer Conference Call Participants Bruce Jackson – The Benchmark Company Lisa Springer – Singular Research Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Harvard Biosciences Incorpora ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2020 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the ...

Harvard Bioscience, Inc. (NASDAQ:HBIO) Q1 2020 Earnings Conference Call May 5, 2020 8:00 AM ET Company Participants David Sirois – Director, Corporate Accounting and SEC Reporting Jim Green – Chairman, President and Chief Executive Officer Mike Rossi – Chief Financial Officer Conference Call Participants Paul Knight – Janney Lisa Springer – Singular Bruce Jackson – Benchmark Operator Ladies and gentlemen, thank you for standing by, and welcome to the Q1 2020 Harvard Bioscience, Inc. Earnings Conference Call ...

NASDAQ: HBIO Q1'20 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO May 5, 2020 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements This information in this presentation or in oral statements of the management of the Company may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of such words as "will," ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2019 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-33957 HARVARD BIOSCIENCE, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 04-3306140 (State or Other Jurisdiction of In ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________ FORM 10-Q ________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2019 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-33957 ________________________ HARVARD BIOSCIENCE, INC. (Exact Name of Registrant as Specified ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2019 ¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-33957 HARVARD BIOSCIENCE, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 04-3306140 (State or Other Jurisdiction of Incorp ...

Financial Performance - Revenues for the fiscal year ended December 31, 2018, were $120.774 million, an increase from $77.407 million in 2017, representing a growth of approximately 55.8%[138] - Revenues for the year ended December 31, 2018, were $120.8 million, an increase of 56.0%, or $43.4 million, compared to $77.4 million for the same period in 2017[152] - The increase in revenues included approximately $42.6 million from the acquisition of DSI and a positive impact of $1.3 million from currency translation[153] - Cost of revenues for 2018 was $57.593 million, accounting for 47.7% of total revenues, compared to 49.4% in 2017[138] - Cost of revenues increased by $19.4 million, or 50.6%, to $57.6 million for the year ended December 31, 2018, primarily due to the acquisition of DSI[155] - Gross profit margin as a percentage of revenues increased to 52.3% for the year ended December 31, 2018, compared to 50.6% for 2017[155] - Research and development expenses increased to $10.988 million in 2018, representing 9.1% of revenues, up from 7.3% in 2017[138] - Research and development expenses were $11.0 million for the year ended December 31, 2018, an increase of $5.4 million, or 94.7%, compared to $5.6 million for 2017[158] - For the year ended December 31, 2018, the company reported a net loss of $2.9 million, compared to a net loss of $0.9 million in 2017[169] Acquisitions and Divestitures - Harvard Bioscience, Inc. has completed five acquisitions since Q4 2014, including the acquisition of Data Sciences International, Inc. for approximately $71.1 million in January 2018[15] - The company sold substantially all assets of Denville Scientific, Inc. for approximately $20.0 million in Q1 2018, which included a $3.0 million earn-out provision[16] - The company acquired Data Sciences International, Inc. for approximately $71.1 million, diversifying its customer base and increasing gross profit margins[135] - The company sold the operations of Denville for approximately $20.0 million on January 22, 2018, which included a $3.0 million earn-out provision[163] Research and Development - Harvard Bioscience, Inc. generated approximately $11.0 million in research and development expenses for the year ended December 31, 2018, compared to $5.6 million in 2017, indicating a significant investment in innovation[35] - The company aims to continue pursuing a balanced development portfolio strategy, focusing on both internal research and strategic acquisitions[35] - The company is investing in new product development, but the speed of technological change may hinder the recovery of development costs[87] Sales and Revenue Sources - The company's PCMI product family accounted for approximately 47.3% of global revenues for the year ended December 31, 2018[24] - The DSI product family contributed approximately 35.2% to global revenues for the year ended December 31, 2018[26] - The Electrophysiology product family represented approximately 17.5% of global revenues for the year ended December 31, 2018[29] - Direct sales to end-users made up approximately 59% of total revenues for the year ended December 31, 2018, while distributor sales accounted for about 41%[32] Financial Position and Debt - The company had borrowings of $62.4 million under a Financing Agreement as of December 31, 2018, with financial covenants relating to leverage and fixed charges[65] - The company’s ability to make scheduled payments on its debt depends on its financial and operating performance, which may be adversely affected by various factors beyond its control[68] - The company has a significant unused borrowing capacity, but any failure to comply with financial covenants could negatively impact its financial condition[67] - As of December 31, 2018, total debt, net of cash and cash equivalents, was $52.6 million, compared to $6.5 million at December 31, 2017[166] - The company expects its available cash, cash generated from operations, and debt capacity to be sufficient to finance operations for the next 12 months[184] Market and Economic Conditions - The company derives a significant portion of its revenues from pharmaceutical and biotechnology companies, which are subject to risks such as government regulation and reductions in research and development expenditures[69] - The company’s financial performance is dependent on the prevailing economic conditions and the financial health of its customers, particularly in the pharmaceutical and biotechnology sectors[70] - The company faces risks related to foreign investment regulations and economic conditions in China, which may impact its expansion efforts[75] - Recent U.S. tax reforms reduced the corporate tax rate from 35% to 21%, which could adversely affect future operations[77] Operational Risks - The company faces risks related to customer uncertainty following acquisitions, which could delay purchasing decisions and affect business performance[71] - The company is exposed to product liability claims, which could result in substantial financial liability if insurance coverage is inadequate[107] - The company may be involved in costly and time-consuming lawsuits to protect its patents, which could divert resources from normal operations[108] - Information technology infrastructure failures could adversely affect day-to-day operations and decision-making processes[90] Workforce and Employment - As of December 31, 2018, the company employed 547 employees, an increase from 434 employees in 2017, primarily due to the acquisition of Data Sciences International, Inc. (DSI) in 2018[51] - The company’s workforce is geographically distributed, with 346 employees in the United States and 201 employees in other countries as of December 31, 2018[53] - The company may face challenges in retaining key personnel, which is critical for achieving product development and growth strategies[104] Regulatory and Compliance Issues - The company is not subject to direct governmental regulation for its current products, which are not required to undergo pre-market approval by the FDA[50] - The company is subject to new U.S. foreign investment regulations that may limit certain investors' ability to purchase its common stock, potentially affecting stock attractiveness[119] - The implementation of GDPR may increase business costs and impose severe penalties, which could materially harm the company's operations and reputation[118] Competitive Landscape - Increased competition in the life sciences industry from both established and new companies poses a challenge to the company's market position[85] - Rapid technological changes in the industry necessitate continuous product development to remain competitive[86] - The company faces challenges in acquiring other businesses due to competition and potential financing limitations, which could hinder growth[94] Asset Management - The company has goodwill and intangible assets totaling $103.1 million, representing 61% of total assets, with no impairment reported[102] - The estimated fair value of the business significantly exceeded its carrying value, indicating no impairment of goodwill[198] - The fair value of unamortized intangible assets also significantly exceeded their carrying amounts[198] Cash Flow and Investments - Cash provided by operating activities increased to $2.9 million in 2018 from $1.1 million in 2017, despite a decrease in net cash flow due to increased net loss and changes in working capital[171] - Investing activities used cash of $53.8 million in 2018, primarily due to a $68.5 million acquisition of DSI, while only $0.9 million was used in 2017[172] - Financing activities provided cash of $53.1 million in 2018, a significant increase from cash used in financing activities of $1.8 million in 2017[173] Stock and Shareholder Issues - The company has a staggered board of directors, making it difficult for stockholders to change management, which may limit share price appreciation[113] - The company’s stock price has experienced significant fluctuations, influenced by various market factors and operational performance[98] - The company does not anticipate paying cash dividends in the near future, focusing instead on retaining earnings for business expansion[117] Future Outlook - The company anticipates that its financial resources will be sufficient to finance operations and capital expenditures for at least the next twelve months[96] - The company is expanding its business into foreign markets, but success is uncertain and may require significant resources[84]